Xbox 360
The Good
*Wireless controllers
*Upgraded 1080p resolution
*Excellent online play (through Xbox Live)
*Xbox Live Arcade is a great for casual and nostaligic gamers alike.
*Can be used as a media center
*Backward capatable with a ton of original Xbox titles and the list continues to grow
The Bad
*Too many things left out at launch
-Although the ability to integrate wireless 802.11 g/a existed well before last year, Microsoft saw fit to leave this out of the unit and instead sell an add-on antenna for $100 USD.
*Game selection still isn't so hot
-Sure, the 360 has Gears of War, Dead Rising, sports games, and Oblivion. But they still don't have nearly enough RPGs and other types of games for a system that's already a year old. And there still aren't many in development.
*You need a HDTV/HD monitor to make full use of the system's next-gen graphics.
*No HDMI/DVI output
*Chip and overheating issues at launch
Summary
I own a Xbox 360. Truth be told, I bought it mainly for Dead Rising (which lived up to it's hype). But I can honestly say that it's been a great experience so far. Although lately, I'm finding a lack of titles that I'm interested in. I find myself playing more Live Arcade games and capatable original Xbox games than actual 360 discs.
PlayStation 3
The Good
*Wireless controllers
*Excellent graphic capabilities
*HDMI/DVI output
*Up to 60GB hard drive (included with the $600 premium version)
*Built in wireless 802.11 g/a Wifi
The Bad
*Price way too high compared to Nintendo Wii and Xbox 360
*Sony is forcing consumers to embrace expensive and quirky (unstable) Blu Ray technology when the "next DVD format" war has barely even started
*Only a select few exclusive games make the system a "must buy" for anyone.
*Limited backward capability with previous PlayStation system games
*Extreme shortage and faulty hardware (reported) at launch
Summary
Honestly, I have never been a PlayStation fan. I just have no interest in many of the games for the system (save the Final Fantasy games). I also, and I realize that I am one of a very small percentage, find the controller extremely uncomfortable in my hands. The fact that Sony is forcing Blu Ray down our throats and expecting everyone to embrace it is beyond rediculous given their track record with new disc technology (remember UMD that was used in Sony's PSP handheld? FAILED). A price point of $600 (you can get the useless 20GB version of the system for $200 less), coupled with the laughable production shortage is only going to help Sony linger in 3rd place this gaming generation.
Nintendo Wii
The Good
*Innovative motion sensing wireless controllers
*Built in 802.11 Wifi (which can also be used in conjuction with the Nintendo DS)
*Award winning first party exclusive franchises (Mario, Zelda, Metroid)
*Disc drive will read and play all Nintendo Gamecube games (system also include 4 ports for Gamecube controllers and 2 ports for Gamecube memory cards)
*Virtual Console allows gamers to download and play (for a charge) a gigantic back catalog of NES, SNES, N64, Turbo Grafx16, Sega Genesis, and indie games
The Bad
*Component cables not available at launch of system
-While the Wii can display 480p (which is only able to be displayed on EDTV and HDTV), the only way to display it is through component cables. While this is fine for SDTV owners, it screws HDTV owners. They will have to play the Wii with huge black bars on the side of the set's screen until they can find component cables. This is a strange move by Nintendo since the Gamecube was launched along with component cables (sold seperately) at a time when widescreen televisions were FAR from the norm.
*Useless Wii Channels
-While I guess they are nice to just have around, one wonders if the time taken to create Wii Weather and News channels could have gone to better use. Even VHF only televisions have 24 hour news and weather. We don't really need it on our gaming systems.
*Only 512MB of flash memory
-While NES games typically only take up about 50KB of memory, those who will be "old school" fanantics will be forced to buy additional memory in the form of SD memory cards. Also, when taking into consideration that the 512MB of storage is also used for Wii games saves, demo downloads, and firmware updates, one can see how easily that memory can be used.
Overall
After considering all of the pros and cons of each system in this console generation, I am able to pick the system which offers the most bang for the buck for me, personally. And that console is the Microsoft Xbox 360.
While I started gaming with Nintendo (for the most part), the only games I've truly interested in for the Wii is Zelda. The thing that really interests me about the Wii is the Virtual Console. But really, that just allows me to play Nintendo's pre-Wii titles. This is what makes the Wii come in second place in the System War for me. While I find the new control scheme extremely innovative, I can't help but to feel that it will be a bit gimmicky and probably a bit faulty this outing.
The PlayStation 3 will never grace my home entertainment center. The nearly insulting price, Sony's history of failure in new technology, and the lack of interesting titles (on a personal level) make the PS3 a garlic necklace and me a vampire.
The Xbox 360 just has the right blend of graphic capabilites, online gaming, and even a bit of old school arcade to keep me happy, busy, and in awe for years to come. Although it currently doesn't offer a large selection of games to keep me buying, the coming year will bring me to the game store again and again.
That being said, I still plan on buying a Nintendo Wii after the holidays. The Virtual Console is just too cool to pass up. And I will pretty much go anywhere that The Legend Of Zelda goes.